Hyperliquid Overtakes Robinhood in Trading Volume, Quietly Redefining DeFi Efficiency

Hyperliquid, a decentralized exchange (DEX) built on its custom layer 1 blockchain, has surpassed U.S. trading platform Robinhood in monthly trading volume for the third consecutive month as of July 2025. According to data from DeFiLlama and Robinhood’s latest attestation, Hyperliquid reported $330.8 billion in combined spot and perpetual trading volume during the month, outperforming Robinhood’s total of $237.8 billion by a margin of 39.1% [1]. Robinhood’s volume included $209.1 billion in equities, $195.8 million in options, and $28.7 billion in crypto trading [2].

Despite the significant lead in trading volume, Hyperliquid’s user base remains modest at approximately 520,000, compared to Robinhood’s 26.5 million funded accounts. Jon Ma, CEO of Artemis, provided the comparative user metrics. The exchange processes up to 200,000 orders per second and holds $6.2 billion in user assets, with a 75% market share in decentralized perpetual exchanges [1]. As of August 25, Hyperliquid’s monthly trading volume had already surpassed $349 billion, signaling a steady increase in market participation and volume concentration [2].

Hyperliquid’s performance is notable not only in volume but also in efficiency. The platform, which operates with just 11 core contributors, achieved $106 million in revenue per employee as of August 20, surpassing Tether Limited and far exceeding major technology firms such as Apple and Meta [2]. This high-efficiency model has allowed Hyperliquid to capture a growing share of the crypto derivatives market, even as it competes with traditional trading platforms that face regulatory and operational limitations.

The platform’s year-to-date cumulative trading volume from spot and perpetual markets has approached $2 trillion, with July marking its highest monthly volume yet [2]. Hyperliquid’s continued growth is attributed to its high-performance infrastructure and the increasing institutional adoption of crypto derivatives. The platform has demonstrated a unique ability to scale and deliver performance in a competitive environment, with a focus on decentralized finance protocols that are increasingly favored in the crypto-native trading space.

Hyperliquid’s dominance in the decentralized derivatives market has positioned it as a strong competitor to centralized exchanges and traditional financial technology platforms. Its minimal staffing requirements and efficient operations highlight the potential of decentralized infrastructure in the evolving financial ecosystem [2]. As crypto derivatives continue to gain mainstream acceptance, platforms like Hyperliquid are setting new benchmarks for volume and operational efficiency.

Source:

[1] Hyperliquid Surpasses Robinhood in Trading Volume for Three Months Straight (https://unchainedcrypto.com/hyperliquid-surpasses-robinhood-in-trading-volume-for-three-months-straight/)

[2] Hyperliquid Surpasses Robinhood in Monthly Trading Volume for the Third Consecutive Month (https://cryptoslate.com/hyperliquid-surpasses-robinhood-in-monthly-trading-volume-for-the-third-consecutive-month/)

[3] Hyperliquid - Markets, Trading Volume & Trust Score (https://www.coingecko.com/en/exchanges/hyperliquid-spot)